Dow Jones sinks 4 percent in volatile trading

09/02/2018

Ireland's benchmark Iseq overall index followed suit and finished 1.58 per cent weaker, with Glenveagh, down 2.5 per cent, and CRH, down 3.06 per cent, among the losers on the index. The last market correction ended nearly two years ago.

Wall Street anticipates that more government spending will force the Treasury Department to borrow more money by selling additional bonds.

Japan's Nikkei 225 average lost 2.8 percent to 21,240.05 in early trading Friday. Gold fell $7, or 0.5 percent, to $1,329.50 an ounce and silver dipped 9 cents, or 0.5 percent, to $16.58 an ounce.

United States stocks have plunged more than 1,000 points for the second time this week and the stock market was now in a correction - 10 per cent off its record high just two weeks ago, the media reported. Higher interest rates, meanwhile, give central banks more leeway to stimulate the economy; should it fall into a recession, banks can trim rates again.

Despite the fears the correction may fan, economists and analysts generally point to recent strong corporate earnings figures among other indicators as a sign that the current slide won't deepen.

The double-digit percentage stock decline has occurred even though Wall Street stresses that the health of the economy, labor market and US businesses remain strong. Some investors saw the fastest rate of wage increases in recent times as a signal that the Fed might hike interest rates higher and sought to lock in gains, leading to the sell-off. That's less true for China, whose financial markets are more cloistered from global investors. The TSX is down 8.2 per cent from its all-time high of 16,412.94, set on January 4. The Australian ASX200 has shown a decline of about 3.2 percent.

The Dow Jones industrials are down 500 points, extending the market's losses.

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Tuesday was the busiest day of trading on the New York Stock Exchange since November 10, 2016, two days after the presidential election. The losses were steady, unlike the sharp swings seen over the past few days. Today, the 10-year bond is about 2.75 percent, not much more than the income an investor could receive from owning an S&P 500 index fund, which sports a dividend yield of about 2 percent. On Tuesday it rallied another $5.57, or 15.6 percent, to $41.19. The Nasdaq climbed 148, or 2.1 percent, to 7,115. Disney rose 1.5 percent and Amazon rose 1 percent.

The sharp swings came one day after the steepest drop on Wall Street in 6 ½ years.

The market got off to a mixed start on Thursday but has fallen steadily as the morning wore on. Boeing added 3 percent and JPMorgan Chase rose 1.4 percent. That's just about where it peaked on January 26, which suggests the easy money already has been made.

The broader S&P 500 lost 34 points, or 1.3 percent, to 2,647.

Snapchat owner Snap (SNAP.N) soared 47.6 percent after it reported surging growth in users and revenue in its latest quarter.

Hanesbrands sank 8.8 percent after its results came up short of analysts' foreacasts.

The S&P 500 index skidded 100.66 points, or 3.8 per cent, to 2,581.

The Dow was up 141 points, or 0.6 percent, at 24,483. The S&P 500 posted no new 52-week highs and 32 new lows; the Nasdaq Composite recorded 24 new highs and 113 new lows.

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